Interesting letter from Equifax

Discussion in 'Credit Talk' started by IrishDiva, Aug 28, 2001.

  1. IrishDiva

    IrishDiva Well-Known Member

    This is a portion of a letter from John Rougeau Senior VP at Equifax regarding credit file deletions. Can't say where I work; let's just leave it at this is the "real deal".

    "...For these reasons we become concerned when we learn that some of our collection customers may be improperly deleting information from the Equifax database.

    It is a violation of Equifax policy and our agreements for reporting collection information for any collection agency to delete information from the credit file for any reason other than to correct an error or as required by law. Any collection agency which does otherwise is in violation of this policy and risks losing its access to the Equifax database.

    As stewards of consumer informatin, we are committed to the accuracy of consumer data. Accordingly, when an item is determined to be in error, we act promptly to correct or delete it from our database. However, collection information should never be deleted in exchange for payment of a debt. Doing so compromises the integrity of the data and impacts the reliability and value of the credit information for all our customers.

    If you report account information to Equifax, it is your responsibility to update the status of those accounts to reflect any payments which are made. If, however, Equifax determins that you are improperly deleting valid collections or other information, or possibly charging fees to delete information, we have the right to termindate our relationship."

    I do not have a date on this letter; it was faxed from my Chicago office yesterday. It appears to be a general form letter which is sent to all their subscribers.

    Just an FYI that Equifax is aware of our negotiations with the CAs and is keeping an eye on them. THis is probably why some agencies are harder to work with, if not impossible, because they can't afford to be kicked out of Equifax, esp. if that's the only bureau they work with. Just my opinion.
  2. Nave

    Nave Well-Known Member

    So Equifax is making "an offer they can't refuse"

    I Wonder who else makes these kinds of threa.. er umm I mean offers to stay in business?

    -Peace, Dave
  3. SofaKing

    SofaKing Well-Known Member

    So... collectors have a choice... get paid... or not get paid.

    Hmmmmmmm...... Get paid and THEN report the tradeline as an "error".

    Gee, I wonder if THAT ever happens!!

    "...integrity of the data..."


    Just proves the CRA leanings toward providing the most NEGATIVE information possible. How else can they prop up the sub-prime market?

    Thanks a bunch for posting that!

    It's a keeper!!

  4. IrishDiva

    IrishDiva Well-Known Member

    You're welcome. I love to post any tidbits I get on the job.
  5. Hope

    Hope Well-Known Member

    Thanks so much for that new info Irish Diva. Every ounce of info we get is ammunition we can arm ourselves with.

    We appreciate you!
  6. breeze

    breeze Well-Known Member

    Thanks! insider tips are the best!!

    A thought on this - perhaps ammunition: We have people here who can document that the CRA's will delete derogatory entries in exchange for dropping a lawsuit. This violates the supposed integrity of the database, doesn't it? How can they put in their contract that no one else can negotiate price for removals? It is racketeering, pure and simple, and if anyone else in any other industry did it, they would be prosecuted.


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